Disclosed herein is a unique multifunction hook assembly and a cargo management system incorporating such an assembly. The multifunction hook assembly includes two separate hooks that may be displaced between stowed positions and deployed positions. The two hooks are uniquely adapted to perform two separate cargo management functions. When deployed, the first hook supports a folding shelf or partition provided in the cargo area of the motor vehicle, such as behind the rear seat in a crossover utility vehicle (CUV) or a sport utility vehicle (SUV). In contrast, when the second hook is deployed it is uniquely designed to function as a bag holder for holding shopping bags such as grocery bags and the like and preventing those bags from rolling around in the storage area of the motor vehicle during motor vehicle operation. Advantageously either or both hooks may be deployed as desired. Further both may be stowed within a recess flush with the side walls of the cargo area when not needed so as to provide a more aesthetically pleasing appearance and keep the hooks out of the way when loading or unloading items into the storage area. Thus it should be appreciated that the multifunction hook assembly and any cargo management system incorporating the multifunction hook assembly provide a number of benefits and advantages.